Researchers in England are speaking out this week to say that they have made a huge breakthrough in coronavirus treatment, as they have discovered a cheap drug that can improve survival by up to one-third among severely ill patients.

The New York Post reported that researchers at the University of Oxford revealed yesterday that they have concluded that the steroid dexamethasone can reduce the risk of death a whopping 35% among patients who have been put on ventilators after they take the drug for 28 days. They added that patients who have not been put on ventilators can see their chances of survival improve by 20% while taking the drug as well.

“This is an extremely welcome result,” said Peter Horby of the University of Oxford, a researcher who led one of the studies.

“The survival benefit is clear and large in those patients who are sick enough to require oxygen treatment, so dexamethasone should now become standard of care in these patients,” he added. “Dexamethasone is inexpensive, on the shelf, and can be used immediately to save lives worldwide.”

During the study, researchers administered the drug to 2,104 patients either orally or through an IV, then compared the results to 4,321 who were receiving usual care.

Nick Cammack of Wellcome, a charity in the U.K. that supports scientific research, explained that while the drug did not seem to have an impact on those with moderate cases of COVID-19, it had a huge impact on the severely ill. He added that thanks to this research, “countless lives will be saved globally.”

The researchers now believe that the drug could potentially prevent one death for every eight patients treated while on ventilators, and one for every 25 patients on extra oxygen alone.

“COVID-19 is a global disease — it is fantastic that the first treatment demonstrated to reduce mortality is one that is instantly available and affordable worldwide,” explained Martin Landray, professor of medicine and epidemiology at the University of Oxford.

The coronavirus pandemic has killed over 442,000 people around the world at the time of this writing, and it has infected millions more. It has also destroyed economies all over the globe because of the mass lockdowns that have had to take place to slow the spread of the virus. These medical developments could do wonders in helping people all over the world get back on their feet as we recover from this global pandemic.